Michael Eschmann

Q1 earnings season is complete for the Solactive FANG Innovation Index: all 15 constituents have reported. $MU finished the season with a +21.2% EPS beat ($25.11 vs $20.71 expected) on $41.5B in revenue, and the stock rose +15.7% the next session. $ORCL 's post-earnings move settled at -8.5% despite its +7.5% beat. Final tally: 13 beats, 2 misses ($NFLX, $TSLA ). $INTC posted the season's largest surprise and largest next-day gain (+23.6%).

OPENAI & BROADCOM UNVEIL AI INFERENCE CHIP OpenAI and $AVGO introduced Jalapeño, a custom LLM inference accelerator designed to improve AI performance, efficiency, and cost. Early testing indicates superior performance-per-watt versus current leading chips, with deployment targeted for late 2026 as part of a multi-generation AI infrastructure platform supporting ChatGPT, APIs, and future AI products.

INTEL ADVANCES FOUNDRY PUSH $INTC has started risk production of its next-generation 18A-P chip process, a key milestone in its effort to win major external manufacturing customers. The improved node offers higher performance and lower power consumption than 18A and could strengthen Intel’s chances of securing future chip production business from companies such as Apple $AAPL, while competing more directly with industry leader TSMC.

Weekly Tech Update Get access to top stocks like $AMZN, $GOOG, $META, and more with the NYSE FANG+ Index. AMAZON DEEPENS ANTHROPIC BET $AMZN will invest an additional $5B in Anthropic, with potential funding up to $20B, strengthening its AI position. Anthropic plans to spend $100B+ on AWS infrastructure, while the deal—valued at $350B—boosts Amazon’s cloud and chip demand amid intensifying AI competition. META EXPANDS CUSTOM AI CHIP PUSH $META will deploy 1GW of in-house AI chips built with Broadcom $AVGO, scaling to multi-gigawatts through 2029 as it reduces reliance on GPUs. The move supports its massive AI capex plan (up to $135B), while Broadcom deepens hyperscaler partnerships despite CEO Hock Tan exiting Meta’s board. ADOBE BUILDS AI ECOSYSTEM FOR CX $ADBE expanded its AI partner network across major tech firms and agencies to scale agent-driven customer experience workflows. Its new CX Enterprise platform integrates multi-agent systems and aims to streamline marketing, analytics, and commerce, targeting enterprise adoption and deeper AI monetization.

Oil & gas earnings season is live. $HAL opened the book this morning with a beat: $0.55 EPS vs. $0.50 consensus on $5.4B in revenue. 24 more constituents of the MicroSectors Oil & Gas Exploration & Production Index still to come over the next two weeks. We'll be tracking every print.

Travel earnings season kicks off this week. Alaska Air, $ALK, leads it off Monday after the close. The first constituent of the MicroSectors U.S. Travel Index to report Q1 results. 9 more Travel names follow through Thursday, including $UAL, $LUV, and $AAL. See the full week below.